The Federal Government is considering legislation to safeguard Nigeria’s economic reforms against reversal by successive administrations, in a move aimed at promoting policy consistency, strengthening institutions and providing a more predictable environment for businesses and investors.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Monday, October 26, 2026, during the 32nd Nigerian Economic Summit in Abuja, where he presented a draft Nigerian Economic Policy Framework for public consultation.
Oyedele explained that the government was exploring ways to establish lasting economic principles that would guide decision-making beyond the tenure of any particular administration.
He said the framework could be supported by legislation and stronger institutions to ensure that major economic decisions are guided by agreed national principles rather than short-term political considerations.
According to the minister, Nigeria needs a more consistent approach to economic policymaking to prevent successive governments from abandoning existing reforms and introducing abrupt policy changes that could undermine progress.
He argued that uncertainty surrounding government policies discourages investment, increases business risks and makes it difficult for enterprises to plan for long-term growth.
PROPOSED FRAMEWORK TO COVER TAXATION, SUBSIDIES AND TRADE
The proposed Nigerian Economic Policy Framework is expected to provide guiding principles for decisions involving taxation, tariffs, subsidies, investment and industrial development.
Oyedele said the objective was not to create another development plan or political manifesto but to establish a national economic direction that could endure through changes in government.
He emphasised the importance of embedding the framework in institutions, policies and potentially legislation to ensure its long-term relevance.
However, the minister clarified that the document remains a draft and has not yet received formal government approval.
Public consultation is scheduled to continue until November 27, 2026, after which the framework is expected to proceed to the Federal Executive Council for consideration and the National Economic Council for endorsement.
FG MAINTAINS POSITION ON FUEL SUBSIDY REMOVAL
The proposal comes as the administration of President Bola Tinubu continues to defend its major economic reforms, including the removal of petrol subsidies and changes to the foreign exchange system.
Oyedele maintained that returning to the former subsidy arrangement would reverse efforts to address longstanding economic distortions.
He argued that government policy should focus on improving household incomes and productive capacity rather than artificially suppressing prices.
The minister also called for a review of industrial protection measures, insisting that tariffs and other incentives should support local industries in becoming competitive rather than shield them indefinitely from competition.
He cited the automotive industry as an example, questioning the effectiveness of extensive protection where locally assembled vehicles still have limited domestic content.
According to him, support for local manufacturers should be temporary and linked to measurable improvements in productivity, investment and local production.
NEW MEASURES TO ASSESS ECONOMIC POLICIES
The draft framework proposes mandatory Policy Impact Assessments before major economic interventions are introduced.
Under the proposal, government agencies would be expected to explain the problem a policy seeks to address, the evidence supporting it, its likely costs, its intended beneficiaries and the conditions under which it should be reviewed or discontinued.
The framework also recommends an annual National Economic Scorecard to assess whether economic growth is translating into improved living conditions.
Proposed indicators include real wages, productive employment and poverty levels.
Oyedele said the government wanted economic performance to be measured by tangible improvements in the lives of Nigerians rather than economic statistics and policy announcements alone.
He also disclosed that the administration was targeting inflation in the low single digits before the end of 2027, with the aim of creating conditions that could support single-digit interest rates.
GOVERNMENT SEEKS LONG-TERM ECONOMIC STABILITY
The Minister of Budget and Economic Planning, Abubakar Bagudu, also backed the government’s position on sustaining the reforms.
He said President Tinubu had directed officials to maintain the policy direction despite concerns about the immediate effects of the changes on households and businesses.
The broader objective, according to government officials, is to establish a more predictable economic environment that encourages investment, supports domestic production and creates employment opportunities.
Nevertheless, the proposed framework must still undergo public consultation and the relevant approval processes before it can become official government policy.
If adopted and backed by legislation, it could establish a more formal structure for guiding economic decisions across successive administrations.
The proposal is therefore still at the consultation stage, and the final legal form and enforceability of any resulting legislation have yet to be determined.
